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Top 5 cryptocurrencies to watch this week: BTC, VET, SOL, EOS, FTT

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Bitcoin (BTC) value witnessed a pointy dump to $50,900 on April 18, which some analysts attribute to a drop in hash fee and rumors of potential motion by United States regulators towards unnamed “financial institutions” alleging crypto-related cash laundering.

Whereas it’s troublesome to pinpoint a single cause, the sale of roughly $5 billion price of COIN inventory by Coinbase executives might have additionally performed a serious position within the fall. Insider promoting, particularly just some days after a high-profile itemizing is taken into account a bearish signal.

Crypto market knowledge every day view. Supply: Coin360

After this most up-to-date pullback, traders shall be on the fence on whether or not they need to purchase the dips or shut their positions in anticipation of additional decline? Merchants ought to preserve a detailed watch on the energy within the restoration as that may present an perception in regards to the subsequent potential transfer.

Let’s research the technicals of the top-5 cryptocurrencies that might try to lead the restoration within the subsequent few days.

BTC/USDT

Bitcoin’s failure to rebound off the 20-day exponential shifting common ($59,053) on April 17 confirmed the dearth of shopping for on dips. The promoting picked up tempo as we speak after the value slipped beneath the 50-day easy shifting common ($56,264).

BTC/USDT every day chart. Supply: TradingView

Nonetheless, the lengthy tail on as we speak’s candlestick means that patrons are trying to stall the decline at $50,460. If the rebound sustains, the bulls will once more strive to resume the uptrend however they’re doubtless to face stiff resistance between $61,825.84 and $64,849.27. A breakout of this resistance zone will counsel that the present fall was solely a pullback to shake out the weak fingers.

However, the failure to maintain the rebound or construct upon the bounce within the subsequent few days will point out that demand dries up at larger ranges. That’s doubtless to invigorate the bears who will then strive to assert their dominance and break the $50,460 assist.

In the event that they handle to do this, promoting might intensify because the short-term speculators and merchants may additionally dump their positions. That would pull the value down to $43,006.77. This is a crucial degree to watch out for as a result of a break beneath it should counsel that the BTC/USDT pair has topped out within the brief time period.

BTC/USDT 4-hour chart. Supply: TradingView

The 4-hour chart reveals the bulls bought the drop to $50,460 aggressively however the restoration is dealing with resistance at $56,500. This means that merchants caught at larger ranges are closing their positions on rallies.

Nonetheless, the optimistic signal is that the bulls haven’t given up the struggle. They’re making an attempt to defend $53,000 assist. This might lead to a good consolidation between $53,000 and $56,500 for a number of days.

If the value breaks above $56,500, the pair might rally to the 20-EMA, which is once more doubtless to act as a resistance. If the value turns down from this degree, the pair might retest $53,000 after which $50,460.

The downsloping shifting averages and the relative energy index (RSI) close to the overbought territory present the bears have the higher hand.

VET/USDT

VeChain’s (VET) sharp rally on April 16 had pushed the RSI above 87, indicating the rally was getting overheated within the brief time period. The altcoin tried to lengthen its up-move on April 17 however the lengthy wick on the day’s candlestick confirmed that merchants booked income at larger ranges.

VET/USDT every day chart. Supply: TradingView

The promoting continued as we speak and the VET/USDT pair slumped to $0.169, simply above the 61.8% Fibonacci retracement degree at $0.16. Nonetheless, the lengthy tail on as we speak’s candlestick reveals sturdy shopping for at decrease ranges.

If the bulls can maintain the rebound, the pair will as soon as once more try to rise to the overhead resistance at $0.279. A breakout of this resistance might resume the uptrend. The following goal goal on the upside is $0.362.

However, if the value turns down from $0.279, the pair might stay caught in a variety for a number of days. This optimistic view will invalidate if the bears promote on rallies and sink the value beneath the $0.16 assist.

VET/USDT 4-hour chart. Supply: TradingView

The 4-hour chart reveals the bulls bought the drop to the 50-SMA however the restoration hit a wall at $0.227. The bears tried to resume the correction however the bulls once more bought the dip beneath the 20-EMA. This reveals bears are promoting on rallies and bulls are shopping for on dips.

The bulls are presently making an attempt to maintain the value above the downtrend line however are dealing with stiff resistance from the bears. If they’ll overpower the bears and preserve the value above the downtrend line, the pair might rally to $0.253 after which to $0.279.

Conversely, if the bears once more sink the value beneath the 20-EMA, the pair might drop to the 50-SMA. A break beneath this degree will tilt the benefit in favor of the bears.

SOL/USDT

Solana (SOL) had been in a corrective part since hitting an all-time excessive at $29.92 on April 12. Though the value plunged beneath the 20-day EMA ($24.49) as we speak, the bears couldn’t capitalize on the benefit. The altcoin has shortly bounced again above the 20-day EMA, indicating sturdy demand at decrease ranges.

SOL/USDT every day chart. Supply: TradingView

The upsloping shifting averages and the RSI within the optimistic territory counsel that bulls have the higher hand. If they’ll drive the value above $29.92, the SOL/USDT pair might resume the uptrend and rally to $38.72.

Opposite to this assumption, if the value turns down from the overhead resistance and breaks beneath the 20-day EMA, it should counsel that merchants are closing their positions on rallies. The pair might then decline to $21 and later to the 50-day SMA ($18.60).

SOL/USDT 4-hour chart. Supply: TradingView

The 4-hour chart reveals that the break beneath $24.70 attracted sharp promoting however the bears couldn’t maintain the decrease ranges. The pair rebounded strongly and climbed again above the $24.70 degree.

If the bulls can propel the value above $28.64, a retest of $29.92 is feasible. The 20-EMA is popping up and the RSI has jumped above 55, indicating the bulls have a slight benefit within the brief time period.

Nonetheless, if the value turns down from the present degree and breaks beneath $24.70, the subsequent cease may very well be $21.10. Such a transfer will counsel that bears have overpowered the bulls, which might lead to a deeper correction.

EOS/USDT

EOS turned down from the stiff overhead resistance at $8.69 after the bulls failed to push and maintain the value above it on April 16 and 17. The sharp promoting pulled the value down to $5.86, simply above the breakout degree at $5.60.

EOS/USDT every day chart. Supply: (*5*)TradingView

If the bulls can flip $5.60 into assist, the EOS/USDT pair might once more strive to transfer up to $8.69. A break above $8.69 might begin the subsequent leg of the uptrend that might attain $11. Alternatively, if the value turns down from $8.69, the pair might stay range-bound for a number of days.

This optimistic view shall be negated if the bears promote on rallies and sink the value beneath the breakout degree at $5.60. Such a transfer might pull the value down to the 50-day SMA ($4.98), signaling that bears are again within the driver’s seat.

EOS/USDT 4-hour chart. Supply: (*5*)TradingView

The 4-hour chart reveals the bulls are attempting to begin a reduction rally. If they’ll maintain the value above $6.93, the pair might rally to the 20-EMA the place the bears are doubtless to provide a stiff resistance.

If the value turns down from the 20-EMA, the pair might once more drop to $6.17 after which to $5.60. Such a transfer will counsel that sentiment has turned detrimental and the bears are promoting on rallies.

Conversely, if the bulls can push the value above the 20-EMA, the momentum might choose up and the pair might rally to $8.69.

FTT/USDT

FTX Token (FTT) has been in a corrective part since topping out at $59.57 on April 14. The value plummeted beneath the 20-day EMA ($48) as we speak however the lengthy tail on the candlestick reveals sturdy shopping for at decrease ranges.

FTT/USDT every day chart. Supply: TradingView

If the bulls can maintain the value above the 20-day EMA, it should point out that the uptrend stays intact. The bulls will then strive to resume the uptrend by pushing the value above the $59.57 resistance.

In the event that they succeed, the FTT/USDT pair might begin its northward march towards the subsequent goal goal at $71.89.

Opposite to this assumption, if the bears maintain the value beneath the 20-day EMA, the promoting might intensify, which might pull the value down to the 50-day SMA ($40). A break beneath this assist will counsel that the pair has topped out within the brief time period.

FTT/USDT 4-hour chart. Supply: TradingView

The 4-hour chart reveals the bulls are attempting to stall the correction between the 50% Fibonacci retracement degree at $45.62 and the 61.8% retracement degree at $42.33. The reduction rally is probably going to face stiff resistance from the 20-EMA.

If the value turns down from the 20-EMA, it should counsel that merchants are promoting on rallies. The bears will then strive to sink the value beneath $44. In the event that they succeed, the pair might droop to $40 after which to $37.

Quite the opposite, if the bulls can push the value above the 20-EMA, the pair might rally to $54.62 after which to $59.57.

The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph. Each funding and buying and selling transfer includes threat, it is best to conduct your individual analysis when making a call.

Title: Top 5 cryptocurrencies to watch this week: BTC, VET, SOL, EOS, FTT
Sourced From: cointelegraph.com/information/top-5-cryptocurrencies-to-watch-this-week-btc-vet-sol-eos-ftt
Printed Date: Solar, 18 Apr 2021 19:56:21 +0100
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